Genting Singapore’s secures $1.66 b in bank loans

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Genting Singapore PLC said its subsidiary – Resorts World at Sentosa Pte. Ltd (RWS) – had secured syndicated senior secured credit facilities of S$2.27 billion ($1.66 billion).

The new loan will be used for refinancing Resorts World at Sentosa’s existing facilities of S$4.1925 billion obtained in 2011.

The five-year loan consists of a S$1,750 million syndicated term loan facility, another S$500 million syndicated revolving credit facility, and S$20 million bank guarantee facility, provided by DBS Bank Ltd. and Oversea-Chinese Banking Corporation Limited, the company said in a communication to the Singapore Exchange.

The new facilities enable RWS to extend the tenure of its existing facilities to 2020 and also offer RWS better terms of repayment which enhances the its balance sheet strength and financial flexibility, the statement added.

DEALSTREETASIA reported earlier this month that Genting Singapore was looking to raise S$2.27 billion ($1.66 billion) of bank loans.

As of 31 December 2014, Genting Singapore had $1.7 billion of borrowings and debt securities. Of this amount, $518.7 million is repayable within 2015. Genting Singapore repaid $525 million of its bank borrowings in 2014, with Resorts World Sentosa as its main asset, contributing $637.3 million of $637.9 million revenue in the Q4 2014.

While the mass and premium mass segments of its gaming business saw growth in Q4 2014, the premium segment saw a decline in win percentages and rolling volumes, to below average levels.

This fundraising round by Genting Singapore is aligned with expansion strategy, as it seeks to diversify its portfolio of assets away from the Sentosa integrated resort, with a planned 550-room hotel in the Jurong Lake district scheduled for opening in May 2015 and additional integrated resort in Jeju, South Korea.

 

Related Story: Genting Hong Kong to acquire Crystal Cruises for $550m 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.